XRP/USD technical analysis July 16

16.07.2020 11:56:28

The bulls lacked the strength to push the XRP price above $0,21. Last week, the XRP/USD pair managed to rise above the $0,20 level and even hit a high of $0,2155 but failed to gain a foothold. The bulls fizzled out, and the bears seized the initiative. XRP price began to show a correction. As a result, the XRP/USD pair dropped below the psychological level of $0,20. At the time of publication, the XRP/USD pair is trading at $0,19019.

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XRP/USD dipped below the 50% Fibonacci level of its recent growth from a $0,17500 low to a $0,21190 high. But, despite this, the pair remains above the 100th Moving Average.

Also on the 4-hour chart, a bullish flag is forming with resistance at $0,2030. At the same time, the price has intermediate resistances in the areas of $0,2000, $0,2020, and $0,2025. Successful continuation of the growth of the XRP/USD pair is possible only after overcoming the 50% level of the recent growth from a low of $0,17500 to a high of $0,21190.

It seems we will see a continuation of the XRP price decline. The XRP/USD pair has already dropped below the $0,1920 support level. Another critical support is found near the $0,1900 level and the simple moving average around $0,1890.

The Relative Strength Index is moving in a downtrend approaching the oversold zone.

Major support levels are $0,1900 and $0,1980.

Major Resistance Levels - $0,2000, $0,2025.